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Redfin Reports Homeowners Need to Earn Over $50,000 More Than Renters to Afford Monthly Payments—And the Gap is Widening

1. Home affordability requires $116,633; up from $110,808 last year. 2. Gap between home and rental income requirements widens significantly.

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FAQ

Why Bearish?

Rising affordability thresholds may deter potential homebuyers, negatively impacting housing demand for RDFN.

How important is it?

The substantial increase in income required for home purchases suggests potential declines in sales volume for RDFN.

Why Short Term?

The immediate influence stems from current affordability pressures affecting buyers and sales activity.

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XHBDHILENPHM
SEATTLE--(BUSINESS WIRE)-- #housingmarket--(NASDAQ: RDFN) — Americans need to earn $116,633 per year to afford the median priced home for sale, 81.8% more than the $64,160 needed to afford the typical apartment for rent. That's according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Last year, someone needed to earn $110,808 to afford the typical U.S. home for sale—73.1% more than the $64,000 needed for the typical rental. Two years ago, they needed to earn $101,341 to.

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